The Government Savings Bank has intensified its measures to assist all customer groups affected by the economic impact of the COVID-19 pandemic. Customers can suspend principal payments for up to 2 years, paying only interest at a rate of 50-100%. Those who maintain consistent payments every 6 months will receive a 20% cashback on the interest paid, up to 2 times.

Registration begins on March 16, 2020, and continues until the end of 2021, with additional loan funds available for necessary expenditures, offering a limit of 50,000 baht at an interest rate of 0.50% per month, with no collateral or guarantor required, and a 6-month debt suspension period.

Dr. Chatchai Payuhanaveechai, the director of the Government Savings Bank, revealed that the bank had previously announced measures to ease the burden and repayment conditions for Thai citizens affected by the respiratory disease outbreak caused by the novel coronavirus "COVID-19" in February 2020.

The focus is on assisting those impacted in sectors such as tourism, transportation, and hospitality. However, due to the current situation, many countries, including Thailand, have seen a significant increase in infections, affecting nearly every industry across the country and impacting the overall livelihood of citizens.

The government has been continuously implementing assistance measures, especially for those affected by the outbreak, including customers of the Government Savings Bank. Therefore, the bank's board has approved ongoing assistance measures for its customers by relaxing loan repayment conditions or alleviating credit burdens.

This also aims to help customers increase their cash flow for essential purchases to cope with the virus. Registration for the program is available on the Government Savings Bank's website at www.gsb.or.th from March 16, 2020, to December 31, 2021.

This measure covers individual customers, business loans, personal loans, and loans for SMEs. The framework includes a suspension of principal payments for up to 2 years, with interest payments of 50-100% of the scheduled interest (at the interest rate specified in the contract, not lower than 4%) for a period of 1 year. The bank will then provide cashback of 20% of the interest paid every 6 months, totaling 2 times within 1 year. Any outstanding or unpaid interest will be averaged for repayment over a maximum of 10 years.

The repayment period can be extended to no more than twice the principal suspension period, but not exceeding 4 years. Customers participating in this measure will maintain their status as regular debtors, with no record of debt restructuring in the credit bureau.

“If a customer suspends principal payments and pays only the total interest, for example, paying 5,000 baht in interest per month for 12 months, totaling 60,000 baht, the bank will provide cashback every 6 months, totaling 12,000 baht. This is intended to enhance liquidity for customers who may need additional funds for essential purchases,” Dr. Chatchai stated.

This initiative aims to alleviate customer anxiety regarding their livelihoods and help ease their financial burdens, allowing them to continue living or operating their businesses during this crisis.

Customers eligible for this measure must demonstrate that they have been affected by economic conditions, trade wars, natural disasters, and the COVID-19 outbreak, resulting in reduced repayment capacity. Clear evidence linking these impacts is required, including regular customers and those classified as non-performing loans (NPLs).

Additionally, the bank has introduced measures to provide loans to assist those affected by the Thai economic situation under the People's Bank project, offering existing customers loans of up to 50,000 baht at an interest rate of 0.50% per month, with repayment terms not exceeding 5 years, no collateral or guarantor required, and a 6-month grace period for repayments. Applications can be submitted from now until October 2020.

For more information, customers can contact any Government Savings Bank branch nationwide or the bank's customer service center at 1115, or through the bank's communication channels, including the website: www.gsb.or.th, Facebook, and Official Line: GSB Society.